The Victoria Summit to be held today at Parliament House, Melbourne, will set out the key medium term priorities for Victoria, says VECCI.

 

“The Victoria Summit brings together key players in the business and Government sectors to discuss Victoria’s medium-term direction ahead of the March 2006 Commonwealth Games and the November 2006 State Election”, says VECCI Chief Executive Officer, Mr Neil Coulson

 

“We are pleased that the Summit enjoys the support of the Prime Minister and Premier of Victoria and has also received strong bi-partisan support from the Victorian Opposition. The City of Melbourne and key academic and business organisations have also formally supported the summit and its associated program of work.

 

“Speakers include Premier Steve Bracks, Treasurer John Brumby, Federal Employment and Workplace Relations Minister Kevin Andrews, Opposition Leader Robert Doyle, Lord Mayor John So and eminent historian Geoffrey Blainey.  There will also be a special video message from Prime Minister John Howard.

 

“VECCI has developed a series of policy papers on key issues facing Victoria and Australia, which will be considered at the Victoria Summit.

 

“The five policy papers were developed by expert TaskForces in the areas of:

• Commonwealth/State Relations (TaskForce Chair – Mark Birrell, Minter Ellison)
• Infrastructure (Chair: Robert Dunlop, Macquarie Bank)
• Labour Supply (Chair: Michael Grogan, Suttons Tools)
• Sustainable Energy (Chair: Sir Roderick Carnegie)
• Exports (Chair: Neil Lowe, Melbourne Market Authority)

 

“Taken together they contain a series of recommendations that, if acted upon, will contribute to improving our State and national economic performance with higher living standards for all.

 

“If Victoria is to continue to thrive into the future, important decisions need to be made now to ensure that we have:

• The skilled workers to design, make, deliver and promote our goods and services
• The infrastructure we need to get our goods and service to market
• The energy to fuel business and industry, and
• An export culture to open and expand into new markets.

 

“These decisions must be driven by a spirit of greater co-operation between Commonwealth and State Governments.

 

“If in five years time, we haven’t attended to our long-term infrastructure needs, such as deepening the Port Phillip Bay channel, it will be too late.  If in five years time, we are still debating the need to secure Victoria’s long-term energy supplies, it will be too late.

 

“If in five years time, we are still talking about rather than doing something about:

• The skills of our workforce and the ageing of our workforce
• The need for a stronger export culture and performance, and
• Improving Commonwealth/State relations
• it will be too late.

 

“The time for discussion and decision is now.  There are important questions that need to be considered, and resolved, around:

• The nature of reforms needed to secure stronger economic growth over the medium to longer term
• The best ways by which Commonwealth, State and Local Governments can work together to foster economic and business growth
• How Governments can deliver better, sustainable services, while remaining fiscally responsible and
• The way in which Governments, business and individuals share the cost of new or improved services, programs and products.

The good news is that we have a strong base to work from: economic output has been consistently strong, our inflation and interest rates are low, Government debt is low by historical standards, employment growth has been healthy, and business investment has been high.

However, our economic performance is at risk of slipping.  New challenges are emerging, including:

• Intensifying competitive pressures in the global marketplace
• A possible slowdown in employment and productivity growth
• Demographic changes, most notably an ageing workforce.

“There has never been a better time to think through – and possibly rethink – the issues affecting the competitiveness of business in Victoria and Australia.

 

“The agenda that is required for businesses to continue to trade profitably, to generate new investment and jobs into the next decade, must be set now.

 

“We must also acknowledge that Government policy should not only be directed toward boosting economic activity for the sake of it, but also towards providing `win-wins’ where social and environmental outcomes are also served”, says Mr Coulson.